Development of Instruments of State Support for ESG Projects in the Arctic Zone of the Russian Federation

The Arctic zone of the Russian Federation is one of the key and promising territorial units of our country, which is of strategic importance not only for the national socio-economic system, but also for the world economy as a whole. For this reason, regional and federal authorities are continuously working on the issues of improving the efficiency of management of socio-economic development of this territory. One of the urgent directions is socio-ecological-economic development of the Arctic zone, which is impossible without appropriate support of public authorities and involvement of business structures and population in these processes. Special attention should be paid to the issues of resource support, including the stimulation of investment processes, in order to implement the ESG-agenda. The purpose of this study is to formulate scientific and practical recommendations for the development of the system of state support for ESG-projects, which are the driver of investment and environmental climate formation in the Arctic zone of the Russian Federation. The study proposes a toolkit of state support for ESG-projects, in which the key role is given to tax preferences for investors, as well as subsidizing the costs of residents at the expense of the regional and federal budgets and preferential conditions for attracting borrowed funds. The application of the proposed tools will not only allow business structures investing in the implementation of projects of socio-ecological-economic orientation in the Arctic zone to receive additional benefits, but will also become an incentive to reach full project capacity, which will achieve a synergistic effect in the form of profit for business entities and socio-economic effect for the authorities and the population in the form of new jobs, developed infrastructure and revenue to budgets at various levels.